Citigroup Inc. Purchases 12,694 Shares of Best Buy Co., Inc. (NYSE:BBY)

Citigroup Inc. lifted its holdings in Best Buy Co., Inc. (NYSE:BBY) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 320,816 shares of the technology retailer’s stock after buying an additional 12,694 shares during the period. Citigroup Inc. owned approximately 0.15% of Best Buy worth $33,140,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Park Avenue Securities LLC boosted its position in Best Buy by 1.3% in the third quarter. Park Avenue Securities LLC now owns 8,281 shares of the technology retailer’s stock worth $855,000 after purchasing an additional 103 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Best Buy by 1.2% in the 3rd quarter. Greenleaf Trust now owns 9,454 shares of the technology retailer’s stock worth $977,000 after buying an additional 108 shares during the last quarter. SeaCrest Wealth Management LLC grew its position in Best Buy by 4.6% during the third quarter. SeaCrest Wealth Management LLC now owns 2,675 shares of the technology retailer’s stock valued at $276,000 after buying an additional 118 shares during the period. Tobam increased its holdings in Best Buy by 15.6% during the second quarter. Tobam now owns 895 shares of the technology retailer’s stock worth $75,000 after buying an additional 121 shares during the last quarter. Finally, Hoxton Planning & Management LLC raised its position in Best Buy by 3.7% in the third quarter. Hoxton Planning & Management LLC now owns 3,481 shares of the technology retailer’s stock worth $360,000 after acquiring an additional 124 shares during the period. 80.96% of the stock is owned by institutional investors.

Best Buy Price Performance

Best Buy stock opened at $93.03 on Tuesday. The business has a 50-day simple moving average of $94.60 and a 200 day simple moving average of $88.97. Best Buy Co., Inc. has a 52 week low of $68.12 and a 52 week high of $103.71. The stock has a market cap of $19.98 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 2.34 and a beta of 1.47. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the business earned $1.22 earnings per share. Best Buy’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.04%. Best Buy’s dividend payout ratio (DPR) is presently 64.83%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BBY shares. DA Davidson restated a “buy” rating and set a $117.00 price target on shares of Best Buy in a research note on Tuesday, October 15th. Loop Capital raised their target price on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wedbush upped their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. UBS Group lifted their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.